Stenders soaps up to sell in Iraq, London, Singapore

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Stenders, the niche maker of natural luxury soaps and other bath body care products, plans to open its first stores in Iraq, London and Singapore this summer, the Latvian company's marketing head Baiba Cipa-Ziemele told BNS Monday.

"We will definitely continue our expansion in the Baltics, Europe and Asia. Early this year we signed a cooperation agreement on selling Stenders products in Iraq and the first store will be opened in the summer. We also plan to open stores in London and Singapore," said Cipa-Ziemele.

She said that thanks to Stenders' current presence in Asia, the company is negotiating with potential partners in Korea and Southeast Asia, with the Asian market likely expanding this year with franchise representation and retail stores.

Cipa-Ziemele also said that Stenders plans to continue its growth in Europe, developing a chain of retail stores and expanding its franchise chain in Austria and Spain.

She said that the company this year will continue its cooperation with the BaltCap firm on investments projects that will help the company develop retail store chains in the Baltics, Europe and Asia, as well as develop and launch new product lines and promote international recognition of the brand.

In 2013 Stenders generated €6.454 million in sales and closed the year with a loss of €233,100.

Established in 2001, Stenders produces and sells bath body care products. The company is owned by BaltCap Latvia Venture Capital Fund, Saudi Arabian company Yamany Ameen Ali Y and three Latvian individuals. According to the corporate website, Stenders sells its products in 23 countries -- Latvia, Estonia, Sweden, Finland, Norway, Austria, Germany, Switzerland, Russia, Belarus, Georgia, Kazakhstan, Kyrgyzstan, Armenia, Ukraine, Croatia, Slovenia, Hungary, Poland, Japan, China, Saudi Arabia.

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